Consider of Singapore Real Estate Property ?

Consider of Singapore Real Estate Property ?

Real Estate investments Was considered safe and is beneficial. But, if you are a beginner at the real estate business, we suggested slightly does the research in the investment in front of the product. The real estate investor essential makes a suitable plan and to the market careful analysis in the investment in front of the product because the real estate is one kind of slow investment, will bring your money in lasted to be long-time.

Real Estate Property it is not something which must slightly be treated since the prices of the true state had increased these last years very. It is essential that the investors studied all the originals of the property, to see a licence of a corrector and check it to see whether it has responsibilities before the investment with a company. Moreover, it is certifyd of that that all the contracts are in the writing and are a happy attention with him with the details such as the sector, of the address of the property, the purchase price, etc. All it those must be indicated in the contract. The property of the true state is always more insurance if you to employ an agent to look in contracts of the true property of field of state.Real is a great investment but it can be difficult to acquire. If you have already a certain amount of money for an installment and you have good points of credit rating, you can begin your investment. The property of real estate can be invested in several manners according to your preferences. A first stage would be to buy a house to live inside. If you decide for this kind of investment, one recommends to him particularly to buy a house which requires for repair, if you can repair it yourself. Thus, you will be able to increase the value of your house if you never wish to sell it.

Another manner of making a certain amount of money in real estate is to buy properties which can be rented. To rent a house can help you to gain a regular income as a long time as you can help your residents if there are problems with the equipment. The owner is responsible for repairs of the building while the tenants are responsible not to destroy your property in some way. Many people can make a second income in more of their work, by renting a house.

If you are been willing to invest a part of your money and you do not know where, the real estate of Singapore is something which should consider to you. Singapore is located in an exotic place, being the smallest country in Asia of the East Of the south. Singapore has a successful and transparent economy, being a great place to be invested inside. If you are planning to buy a house or a housing, do not be unaware of the real estate of Singapore. Moreover, Singapore is a popular destination of voyage and one knows it largely for his amazing landscapes.

Singapore Real Estate  is a great choice if you wish to buy a house for you to live inside or one which you can rent in order to make a certain additional amount of money. To buy and sell houses were recently practised both by the men and the women who want to increase their incomes. However, if you want to succeed with the field of real estate you will have to make an investment. Success is never free and easy and one must work hard in order to succeed with these businesses. Be sure to inform themselves about the real estate of Singapore each day and to learn as much as possible about the market from Singapore, the law of real estate and the strategies of placement.

Do not make the same errors that others make and do not precipitate in a decision when it comes to the properties from real estate. Youensure that you control your money correctly cash since the casch management of treasury is critical for your success. Draw up a certain budget which will enable you to control your business correctly and does not forget to take into account the possibility of risk. Having all these aspects with the spirit, you can advance and invest in the real estate. Good luck!

P.S: Do you want to have extra money and you are afraid to invest in real estate? We are delighted to put at your disposal Real Estate Property at reasonable prices. Our Singapore Real Estate is worth taking into consideration when it comes to real estate investments.

Singapore Property - Buy, Sell, Rent,Invest, Singapore Real Estate

Buy, sell and rent Singapore real estate: private property, residential apartments, commercial and industrial properties. HDB flats for sale and rental. Foreign investors, buyers, tenants or relocating Expats can easily find their ideal landed house, bungalow, semi-d, terrace, condominium, townhouse, private apartment, HDB, HUDC, office, shop, factory, warehouse & land right here.

MINDY YONG

Phone: (+65) 91002985

Email Address: mindy@mindyyong.com

Singapore properties require a Singapore property professional agent

Singapore properties require a Singapore property professional agent

Singapore is a great place for business, due to the fact that a majority of banks and commercial organizations are located here. Furthermore, Singapore is one of the richest countries of the world due to its many resources and unique beauty. When it comes to condominiums, penthouses or normal apartments, Singapore is the place where you can find them all.

Singapore’s impressive growth has caught the attention of the real investors these last years and more and more people from all over the world have started to buy Singapore properties. Every place in Singapore is used to the maximum and when it comes to architecture, Singapore can count on the best designers in the world who come here in order to design unique buildings

Most people in Singapore speak English nowadays and it won’t be a problem for you to get along with them, if you are interested in a Singapore property. Furthermore, the crime rate in Singapore is quite law and since its independence there have been no terrorist attacks. Thus, Singapore is a great place whether you want to buy and rent a house here or whether you want to live here. Your children will definitely enjoy residing in a Singapore property, being surrounded by exotic landscapes and an impressive architecture. The educational system in Singapore is well developed and one of the main reasons for which people consider buying Singapore properties are the world class facilities in Singapore.

Singapore properties represent a secure investment due to the fact that Singapore is a rich and well-developed country. Hoping you no longer have any hesitations when it comes to investing in a Singapore property, it would be useful to help you find a reliable Singapore agent. Having an agent that is capable of doing his job in an adequate and satisfying manner will help you have a pleasurable transaction when buying Singapore properties.

Choose an agent from a reputable company because professional companies provide better training for their staff and better customer support. Therefore, well-trained agents can offer you quality assistance. In real estate transactions, it is vital to have a reliable agent who has a wide knowledge when it comes to real estate laws and finances. Because selling or buying a Singapore property is a major decision, it is critical to make sure that you have an agent who has the necessary knowledge in order to handle your transaction.

Another aspect you should not ignore is to select an agent who has enough time for you. It is a proven fact that an agent can only handle only a certain number of houses and in order to do that he requires some effort and time. An agent who takes care of too many houses may not recall all the important details or he may not have enough time to foresee and to deal with the potential problems. Choose an agent who can offer you his personal attention and quality services.

Furthermore, an agent who offers cheap services is not necessarily a good agent. What is the point of hiring an agent that charges the cheapest but who can’t offer you what you are looking for? An agent who is not well prepared may get you a house at a higher price than it deserved, because he didn’t do enough research and he accepted the first offer. Experienced and responsible agents will definitely make a difference when it comes to investing in Singapore properties.

P.S: Do you want to invest in real estate properties and you wish to make sure that you make a good deal? We provide our customers reputable agents who will get them a Singapore property at a great price. Whether you wish to buy or sell Singapore properties we can guarantee that you will not regret having resorted to our company.

Singapore Property - Buy, Sell, Rent, Invest, Singapore Real Estate

Buy, sell and rent Singapore real estate: private property, residential apartments, commercial and industrial properties. HDB flats for sale and rental. Foreign investors, buyers, tenants or relocating Expats can easily find their ideal landed house, bungalow, semi-d, terrace, condominium, townhouse, private apartment, HDB, HUDC, office, shop, factory, warehouse & land right here.

MINDY YONG

Phone: (+65) 91002985

Email Address: mindy@mindyyong.com

Software firm takes US$50m in funding amid Facebook craze - SAN FRANCISCO

Software firm takes US$50m in funding amid Facebook craze - SAN FRANCISCO

(SAN FRANCISCO) Social network software maker Slide Inc said on Friday it had closed a US$50 million institutional financing round, marking the rising valuations of start-ups riding fast-growing Facebook’s wave of popularity.
Slide made some of the hottest programs running on Facebook and News Corp’s MySpace, including media-sharing applications Slide Shows, Top Friends, SuperPoke! and FunWall.

Max Levchin, its Ukrainian-born and Chicago- raised founder, declined to name the investors. But sources close to the deal said they were Fidelity Investments and T Rowe Price.

The round is nearly 10 times the size of the median round of US$5.18 million for Web 2.0 firms in the first half of 2007, according to Dow Jones investment tracking unit VentureOne.

This follows the roughly US$500 million recently raised by Facebook from Microsoft Corp and Hong Kong billionaire Li Ka- shing, giving it an implied US$15 billion valuation.

Slide, incorporated in 2005, was originally self- funded by Mr Levchin, 32, who co-founded online payments company PayPal a decade ago. He later took funding from Peter Thiel, the other founder of PayPal, which eBay Inc bought in 2002.

Subsequent funding for San Francisco-based Slide was provided by leading Silicon Valley venture capitalists Mayfield Fund, former Nokia venture arm BlueRun Ventures, Khosla Ventures and Founders Fund, Mr Thiel’s venture fund.

These earlier rounds of funding totalled in the ‘low tens of millions of dollars’, one of the sources said.

Slide is among the first companies to capitalise on the success of Facebook and MySpace in becoming central stages for consumer Web use, playing the role of Windows in the personal computer era or the Netscape browser in the early Web days.

Comparing the social network software generation with the dawn of the PC era, Mr Levchin said Slide was poised to lead in the same way that Adobe, Electronic Arts and Intuit became leaders 20 years ago in design and imaging, games and finance.

‘We believe there is a huge opportunity to build this next set of businesses,’ Mr Levchin, a self-described caffeine addict who often sleeps just two hours a night, said in an interview.

Slide is based in the heart of San Francisco’s former warehouse district, now a hotspot for media and software start-ups like Six Apart, Yelp, Hi5 and StumbleUpon.

T-shirted programmers work long hours huddled at rows of PC-cluttered tables, as pet dogs freely roam the Slide office.

Mr Levchin said the new cash will fund accelerated development of products and features, both on Facebook and the soon-to-be-upgraded MySpace platform, while hiring should grow from its current 65 employees to 100 this year. Acquisitions are a low priority, he said, but not out of the question.

Slide’s first popular application was a slide show application that allowed Web users to dress up digital photos with glitter and other decorations to share with friends.

That caught fire on MySpace in 2006, before being built to run on other social networks.

Slide then shifted its focus to Facebook ahead of that company’s move last May to let outside developers build applications to run inside Facebook.

Although MySpace still has nearly double the 61 million users of Facebook, the latter has exploded beyond its roots as a college social network, topping MySpace in terms of media buzz, daily user activity, and software developer attention.

Slide has in turn emerged as the top developer of so-called widgets for Facebook. Web traffic researcher Quantcast says Slide attracts 50 million Facebook users monthly.

Slide claims 143 million active users of its programs across the Web. — Reuters
Source : Business Times - 21 Jan 2008

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Mindy Yong

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mindy@mindyyong.com

Singapore could be Linksys’ new Asia-Pac HQ

Singapore could be Linksys’ new Asia-Pac HQ

LINKSYS is planning to set up a new Asia-Pacific (APAC) headquarters, and it could be located in Singapore.
Linksys APAC vice-president Craig Gledhill told BizIT that plans will be finalised by the end of next month. The inaugural APAC HQ will serve to focus and further grow Linksys’ regional business, he said.

Two other sites, namely, Shanghai and Hong Kong, are also being considered, Mr Gledhill said.

He added that Linksys has set itself a business target of a ‘high double-digit’ growth this year which will be higher than Cisco’s overall 15 per cent yearly growth in 2007.

Linksys has a staff of 50 in Singapore. It has an APAC staff count of about 100.

Source : Business Times - 21 Jan 2008

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Mindy Yong

(+65)91002985

mindy@mindyyong.com

New Singapore marina makes a splash

New Singapore marina makes a splash

Keppel Bay offers best of premium waterfront lifestyle
By VINCENT WEE

RIGHT from the outset, Marina at Keppel Bay is proving to be the jewel in the crown of Keppel Land’s 32-hectare Keppel Bay waterfront residential precinct. The $30 million marina was opened by Senior Minister Goh Chok Tong last Saturday and immediately afterwards saw its first major event with the arrival of the 10-boat Clipper fleet into Singapore.
‘Marina at Keppel Bay will enhance the premier and intimate waterfront lifestyle experience for homeowners in Keppel Bay, boaters from the region as well as visitors to Keppel Island with its premium berths, fine dining experiences and warm hospitality,’ said Keppel Corp executive chairman Lim Chee Onn.

The 170-berth marina is designed by leading architects and marina consultants Alfred Wong and Partners and Bellingham Marine Industries. It has facilities to take a wide range of boats from 20 feet to megayachts 200 feet long.

Marina at Keppel Bay also features new fine dining experiences which include Michael Lu’s multiconcept food- and-beverage entertainment venue Prive, bay-fronting bar The Wine Glass, South-east Asia’s first Takumi Tokyo Japanese restaurant, The Coffee Connoisseur and private dining room The Island Suite.

It is the closest marina and waterfront lifestyle development to the city centre, located on the privately- owned Keppel Island, across the bay from the Caribbean and within walking distance of VivoCity and Harbour- Front MRT.

‘Keppel Bay is envisioned to be a place where people, boaters and non-boaters, can come to enjoy the best of what Singapore’s premium waterfront has to offer, be it to Live, Work or Play,’ said Mr Lim. ‘The return of the Clipper fleet is timely and lends colour and excitement to this vibrant southern waterfront hub.’

SM Goh on Saturday presented the Uniquely Singapore Cup, sponsored by Keppel Corp, to New York Clipper, the first boat to finish race five from Fremantle to Singapore. The Uniquely Singapore Clipper came in seventh on its home leg but was still greeted by a huge crowd of fans and well- wishers dockside. The boats will be at Marina at Keppel Bay till Jan 27 when they leave for Qingdao. The marina is open to the public.

Source : Business Times - 21 Jan 2008

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Mindy Yong

(+65)91002985

mindy@mindyyong.com

Singapore Waterfront Waves enjoys brisk sales

Singapore Waterfront Waves enjoys brisk sales

60 units of condo project near Bedok Reservoir sold at $750-800 psf
By LYNETTE KHOO
DEFYING wide consensus of a more subdued private property market here amid US sub-prime woes, house hunters bought half the 120 units launched over the weekend at Waterfront Waves.

‘There is still strong demand for entry-level private property in selected areas with quality living standards.’

- Cheang Kok Kheong

The project, near Bedok Reservoir, is a 405-unit condominium jointly developed by Far East Organization and Frasers Centrepoint (FCL).

The average price achieved for the 60 units sold was $750-800 per square foot (psf), with one unit fetching the highest price of $874 psf.

‘Waterfront Waves has this exclusive product differentiation - it is one of the last developments with direct view of the Bedok Reservoir,’ said Cheang Kok Kheong, chief operating officer of Frasers Centrepoint Homes.

The private preview of the Waterfront Waves over the weekend drew a good turn-up of close to 1,000 people.

Giving the breakdown on the profile of the buyers, Mr Cheang noted that 30 per cent of them have HDB addresses and 70 per cent have private addresses. Most of them indicated that they were looking to stay in the new units.

Located near the Bedok Reservoir and less than two minutes from the Pan Island Expressway, the condominium is slated for completion in 2010 with construction work likely to start by the third quarter of this year.

Mr Cheang said he does not see a softening of property market sentiment as the sub-prime problem will likely blow over in another six months to one year.

‘There is still strong demand for the entry-level private property market in selected areas with quality living standards,’ said Mr Cheang.

With three of the nine blocks at Waterfront Waves already launched, FCL is now looking to launch a few more blocks this weekend.
Source : Business Times - 21 Jan 2008

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Mindy Yong

(+65)91002985

mindy@mindyyong.com

Avery invests $100m on ‘upmarket’ dorm - Singapore

Avery invests $100m on ‘upmarket’ dorm - Singapore

Morgan Stanley- controlled venture aims to be market leader in this sector
By KALPANA RASHIWALA

(SINGAPORE) Avery Strategic Investments, a Morgan Stanley-controlled venture that bought three foreign workers’ dormitories from JTC Corp last year for $153 million, is gunning to be the biggest player in this sector, investing a further $100 million to develop an ‘upmarket’ dormitory fronting Jurong River.

Avery Lodge: When completed in March next year, the facility will be able to house about 8,000 workers in 486 units. Each unit will have 16-18 beds and its own living, dining and kitchen areas
The facility, when completed in March next year, will be able to house about 8,000 workers - making it the biggest on the island, says Vernon Chua, managing director of Averic Capital Management, the asset manager for the venture and which holds a 3 per cent stake in Avery Strategic Investments.

Morgan Stanley Real Estate-managed funds hold the remaining 97 per cent.

The new six-storey property, to be named Avery Lodge, will bring the total bedcount in the group’s Singapore dormitory portfolio to about 21,500, probably putting Avery Strategic on par with the biggest player currently, Mini Environment Services.

Avery Lodge’s 8,000-bed maximum capacity will surpass the 7,000 beds at Capital Development’s Toh Guan Dormitory, now the largest in Singapore.

But more than just aiming for a pole position in the industry, Avery Strategic is planning to brand its product.

‘We see an opportunity to differentiate our product and be a market leader. It’s a bit like the hotel industry, where a brand is associated with a standard experience. We’re trying to run this more institutionally, more professionally, giving our corporate tenants (the employers of the foreign workers) a sense of reliability,’ Mr Chua said in a recent interview with BT.

Avery Lodge, designed by ADDP Architects, is being built on a 30-year leasehold plot at Jalan Papan which Avery Strategic clinched at a JTC tender last year for about $40.1 million.

The nearly two-hectare site will be developed into 486 units, which are like self-contained apartments with their own living, dining and kitchen areas in addition to sleeping quarters. Each unit will have 16-18 beds.

‘This will be a relatively upmarket dormitory, with bay windows, more generous floor-to-ceiling heights and space per worker, and amenities,’ Mr Chua said.

All common areas will be tiled, and the facility will also have a gym, video games room, Internet cafe, mini-mart and canteen.

Security features include access through biometric cards and 24-hour guard patrols.

‘We’ll be providing a well-balanced living environment for the workers, not just a place where they spend the night,’ Mr Chua stressed.

Avery Lodge’s tenants will be mostly the shipyards and other companies in the marine industries in the Jurong area.

Industry players say foreign worker dormitory rents rose more than 30 per cent last year to about $130-$180 per worker monthly on the back of strong economic growth and a shortage of such facilities. Net yields on such properties are understood to be double-digit, in the low teens, although Avery Strategic declined to comment on this.

‘We’re keen on investing further in this industry, whether it is buying dormitories from existing operators or building more quality dormitories, like what we’re doing for Avery Lodge,’ says Eric Tan, Averic’s director (asset management) and co-owner of the company with Mr Chua.

‘The fundamental demand in this market is going to remain strong against the backdrop of the global economic market,’ Mr Tan added. ‘As the Singapore economy grows, likely so will the dormitory business. We’re hopeful the economy remains robust; then there’ll be more opportunities to invest in this asset class.’

Although the Morgan Stanley-Averic tie-up is currently only for Singapore, the pair are open to replicating this model elsewhere.

This is the first time Morgan Stanley has invested in workers’ dormitories anywhere. It saw an opportunity to pursue a non-traditional asset class and to be a market leader when JTC Corp last year offered for sale its three dormitories - Kian Teck Dormitory in Jurong, Woodlands Dormitory and Tampines Dormitory - with a total of 13,544 beds.

‘It was an industry not dominated by any institutional player, except JTC, which was exiting the business. So there was a niche for a player like us. There’s demand among corporates for better quality dormitories to house their foreign workers,’ said Mr Tan.

Source : Business Times - 21 Jan 2008

Singapore Property - Buy , Sell , Rent , Invest

Mindy Yong

(+65)91002985

mindy@mindyyong.com

Exports no longer key engine of Singapore growth?

Exports no longer key engine of Singapore growth?

Is the Singapore economy relying less on external trade and more on the domestic market for growth?
By CHUANG PECK MING

IT WAS not supposed to have happened the way it did. The world economy did well in 2007, which means trade-dependent economies like Singapore would have done well too. It did, scoring 7.5 per cent growth.

Globalised economy: Whether we export to make a living or attract foreigners to spend and invest their money here, Singapore’s fortunes are still tied to the health of the world’s economy
But it wasn’t so much higher exports that contributed to this; it was something else. If it were just exports, the outcome for the economy would have been disappointing. Singapore’s non-oil domestic exports (NODX) last year rose just 2.3 per cent, its worst showing in five years.

This key barometer not only fell short of the official projection of 4-6 per cent - and 2006’s 8.5 per cent growth - it lagged behind the larger economy. This is a big departure from past growth pattern.

The NODX used to grow faster or expand more or less in tandem with Singapore’s economy. Bigger economies have a large home market to depend on for growth. But with a small domestic market, Singapore must turn to the world for a living. It has always relied on exports to drive the economy. Is this no longer the case?

It seems not. Despite land reclamation, Singapore is still a little red dot on the map. Its population and their spending power have multiplied. But a population touching four million - and straining Singapore’s infrastructure to almost bursting point - is still far from enough to even keep Singapore’s export-oriented economy running at its current pace. Which is why the government is working hard to increase its number to six million.

The folks at International Enterprise Singapore, the government’s trade promotion arm, are sticking to the old belief that the economy and trade share the same fate. They are tipping the NODX to expand more in line with the overall economy in 2008 - by 4-6 per cent, against a 4.5-6.5 per cent growth forecast for the economy.

How do they expect the NODX to do better in a year when the US economy is in danger of going into a recession - if it hasn’t already - and dragging the larger part of the global economy down with it, when exports failed to make the mark last year when external conditions were in a far better shape?

IE Singapore says the NODX performed below par last year because of poor electronics shipments, which were hit by a sharp drop in chip prices and ‘consolidation’ of the disk drive business. Non-electronic exports, led by volatile pharmaceutical shipments, failed to provide the fallback to help pick up the slack.

IE Singapore sees chip prices bottoming out and is counting on a recovery in electronics shipments, stronger exports in chemical products and still-robust Asian economic growth for a pick-up in the NODX in 2008.

The answer is simple - even if it reflects more hope than realism. It would be easier to register a leap in the NODX number this year as any improvement will be made on a smaller base than would have been the case if exports had put up a stronger showing in 2007.

But the answer also leads back to the key question posed here - where did last year’s economic growth come from and are exports no longer Singapore’s main engine of growth?

Prime Minister Lee Hsien Loong, in unveiling last year’s economic growth figure in his New Year Message, singled out the construction and financial services for doing especially well. Reports also point to thriving business in the retail and hospitality industries.

These are economic activities that belong to the domestic sector. In other words, it seems that 2007’s economic growth was driven mainly by the home market.

Local spending power has risen and while the numbers might still not be enough to provide a really big lift for the economy, they are joined by a massive inflow of foreign money.

In the past year, Singapore has attracted many of the well-heeled from emerging economies to put their money here with fund managers and in luxury properties. Tourists also came in record numbers - crossing the 10 million mark - filling up hotels here and keeping local shopping malls and restaurants busy.

A globalised economy means the world is fast becoming one big market. It means we do not just have to go out to sell our goods and services. We can also draw customers here to buy them.

But our economic planners are still right in one thing - whether we export to make a living or attract foreigners to come here to spend and invest their money, Singapore’s fortune is still very much tied to the health of the global economy.
Source : Business Times - 21 Jan 2008

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Mindy Yong

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mindy@mindyyong.com

Genting in talks to build hotel in Singapore Sports Hub

Genting in talks to build hotel in Singapore Sports Hub

By LYNETTE KHOO

(SINGAPORE) Singapore Sports Hub (SSH) Consortium, which nailed the bid for the upcoming Sports Hub with its iconic dome-shaped design, is now in preliminary talks with Genting International to build a hotel in the Sports Hub.
Provision for hotel: The winning design of the Sports Hub, which is expected to be ready in end-2011, includes an optional 528-room hotel
‘We are in discussion with Genting International to invest in a hotel in the Sports Hub. The construction cost of the hotel will be roughly $200 million,’ Ludwig Reichhold, managing director of Dragages Singapore, told BT yesterday.

In the retail space, the consortium is looking to team up with Frasers Centrepoint as its partner, he added.

The winning design comprises an optional 528-room hotel, retail, and a food and beverage area of more than 41,000 sq m. There will also be a water leisure park, a multi-purpose indoor area, an indoor aquatic centre, a watersports centre and the Singapore Indoor Stadium.

Dragages is a subsidiary of France-based Bouygues Construction, which is behind world-renowned landmarks like the Stade de France stadium in Paris, the renovation of the Louvre art gallery, also in Paris, and the restoration of Singapore’s The Fullerton hotel.

Other main partners in the consortium are HSBC Infrastructure Fund Management Limited, United Premas, Global Spectrum Asia Pte Ltd, World Sport Group, Active Rights Management, ARUP Sports and DP Architects.

Far from a new kid on the block, Dragages has been participating in public-private partnerships in other parts of the world such as the UK, South Africa and France.

In Singapore, Dragages is the main contractor for City Developments’ condominium project The Sail @ Marina Bay.

Commenting on the winning proposal over the weekend, Minister for Community Development, Youth and Sports Vivian Balakrishnan said the preferred bidder for this Public-Private Partnership project displays significant strengths in programming, team culture and partnership, functionality and layout, as well as offers the best value for money solution for Singapore.

The first international event that SSH Consortium hopes to bring in is the SEA Games 2013, Mr Reichhold said. It is also looking to set up professional football leagues, including two Singapore football clubs at the Sports Hub targeted at youths.

‘We intend to organise community events to promote sports among the youth . . . and the fact that we are re-investing some of the commercial revenue back into the project in sports events and community events will help Singapore to have a broader sports play than now,’ Mr Reichhold said.

The Sports Hub is expected to be ready in end-2011 to replace the 35-year-old National Stadium. Once it is up and running, the bulk of the revenue is expected to come from retail and events. Up to 75 per cent of the revenue will be ploughed back into the project.

The government will pour in $1.87 billion over the 25-year tenure while the consortium will bear another $1.2 billion in capital expenditure.

Mr Reichhold said he does not expect the costs of building the Sports Hub to be affected by rising construction costs.
Source : Business Times - 21 Jan 2008

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Mindy Yong

(+65)91002985

mindy@mindyyong.com

Al-Futtaim makes cash offer for Singapore Robinson and Co

Al-Futtaim makes cash offer for Singapore Robinson and Co

Middle Eastern group’s offer price of $6.25 per share values the company at $537.1 million
By LYNETTE KHOO
(SINGAPORE) Middle East-based Al-Futtaim yesterday made a surprise voluntary cash offer for all the issued shares in Robinson and Co (RCL) that it does not already own at $6.25 per share, valuing the company at $537.1 million.
The offer price is at a premium of 40.1 per cent to the last transacted price of RCL shares on Jan 18, the last day of trading prior to yesterday’s announcement.

The group has set up ALF Global as a special vehicle for this transaction. ALF Global is indirectly held by Al-Futtaim Trading Company LLC, which is in turn 95 per cent owned by Al Futtaim Private Company LLC, and 5 per cent owned by Al-Futtaim Company LLC.

Al-Futtaim is believed to be one of four bidders keen on the OCBC group’s stake in RCL when it was put up for sale in 2006. Indonesia’s Lippo group eventually clinched that deal and owns a 29.9 per cent stake in RCL.

The latest offer sets the stage for another tussle for control at RCL. ALF Global yesterday said that it has to date as good as secured a 23.18 per cent stake in RCL.

The Al-Futtaim group has diverse interests in automotive, consumer electronics, retail, construction, engineering, logistics, insurance and real estate. It represents leading brands such as Ikea, Marks & Spencer and Chrysler in the Middle East.
The Robinson deal, if successful, will be Al-Futtaim’s third asset in Singapore after Trade Alliance (S) and Perlini’s, both in the watch and jewellery retail business.

Al-Futtaim said that it has been looking for strategic investment opportunities outside of the Middle East and views RCL as ‘providing both complementary and synergistic benefits to the Al-Futtaim group’.

‘RCL will be able to leverage on the Al-Futtaim group’s retail expertise and serve as a platform for the Al-Futtaim group’s geographical diversification in the South-east Asian region,’ the offer document by Standard Chartered Bank read.

The group said that it believes that the offer presents RCL shareholders with the opportunity to realise their investments at a significant premium, given the lagging performance of RCL shares against the broader market and low liquidity.

The offer is conditional upon ALF Global receiving valid acceptances of more than 50 per cent of the voting rights by the close of the offer.

As at yesterday, three shareholders - Silchester International Investors, Aberdeen Asset Management Asia and Tecity run by Chew Gek Khim, the granddaughter of the late Tan Chin Tuan - have given their irrevocable undertaking to accept the offer. Together, they collectively hold 23.18 per cent of RCL.

They have also agreed to vote against any proposed action by RCL or its subsidiaries that could frustrate the offer. This includes voting against any dividend or other distribution by RCL; shares or rights issue; any assumption of liabilities by RCL or its subsidiaries of an amount exceeding $50 million; and disposal or acquisition of any assets that would fall within the relevant SGX listing rules.

But should a competing offer with more favourable terms arise, they are entitled to withdraw their acceptances of the offer and accept the competing offer.

This is provided that ALF fails to revise its offer on more favourable terms within stipulated timeframes, and if the competing offer is not pre-conditional and does not seek to acquire all or materially all the assets and businesses of RCL.

But should the competing offer become unconditional, a convenantor that has withdrawn its acceptance for ALF’s offer and accepted the new offer is subject to a break fee penalty.

When contacted by The Business Times yesterday, Robinson CEO and director John Cheston said that he was informed about ALF Global’s offer at 5.30 pm yesterday. The board will convene a meeting today to discuss this, he said.

Lippo’s deputy chairman and Robinson director Stephen Riady also told BT he was alerted to the offer yesterday. Mr Riady was voted on board in 2006, along with the ousting of former Robinson chairman Michael Wong.
Source : Business Times - 21 Jan 2008

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Dubai retail giant makes surprise bid for Singapore Robinson

Dubai retail giant makes surprise bid for Singapore Robinson

Al-Futtaim is offering $6.25 a share, valuing the retailer at $537m

By Fiona Chan
WIDER FORAY: If Al-Futtaim succeeds in its takeover offer of Robinson, it ‘intends to accelerate’ Robinson’s recent expansion and use the retailer for its own foray into South-east Asia. — ST FILE PHOTO

A DUBAI-BASED retail giant is making an unexpected bid for Singapore’s oldest retailer, Robinson & Co.
The 150-year-old department store chain received yesterday a takeover offer from Dubai conglomerate Al-Futtaim Group, a big player in the lower Gulf region.

Al-Futtaim operates more than 100 companies, mainly in the Middle East, in industries such as real estate, construction, insurance, electronics and cars.

Its retail portfolio includes the Ikea and Toys R Us brands for the United Arab Emirates. It also runs nine Marks & Spencers stores - a United Kingdom brand that Robinson brought to Singapore.

In 2006, a foreign outfit, Indonesia’s Lippo Group, managed to get a big foothold in Robinson by buying a 29.9 per cent stake. It is said to have outbid three parties, one of which was linked to Al-Futtaim.

But Lippo’s purchase was fraught with difficulties. Shareholders griped about not being able to cash out of their investments, as Lippo’s stake was just shy of the 30 per cent mark for a mandatory takeover offer.
Lippo’s acquisition also saw the shaking up of Robinson’s board, with the shock ousting of former chairman Michael Wong Pakshong and the resignation of all three independent directors.

Since the last brouhaha, Robinson has been quietly expanding. It opened a store in Kuala Lumpur and brought in new brands.

If Al-Futtaim succeeds in its offer, it ‘intends to accelerate’ Robinson’s recent expansion and use the retailer for its own foray into South-east Asia, the group said in yesterday’s statement.

It is offering to pay $6.25 in cash for each Robinson share, valuing the retailer at about $537.1 million.

The offer price is 40.1 per cent above the $4.46 closing price of Robinson shares on Friday.

The offer is conditional on Al-Futtaim and its related parties obtaining more than 50 per cent of Robinson’s issued share capital at the close of the offer.

Already, institutional investors that own about 23.18 per cent of Robinson shares have accepted the offer, which is being made through Al-Futtaim’s wholly owned subsidiary ALF Global.

The parties that have accepted are Silchester International Investors, Aberdeen Asset Management Asia and Tecity, which is controlled by the family of the late Robinson and OCBC chairman Tan Chin Tuan.

Lippo is still the largest shareholder. Back then, it paid $7.90 a share - a 17 per cent premium over Robinson’s share price of $6.75.

Mr Stephen Riady, Lippo’s president, told The Straits Times last night that the offer was ‘unexpected’, but declined further comment.

Robinson chief executive John Cheston also declined comment when contacted.

The Straits Times understands that a Robinson board meeting will be convened today and that Lippo intends to appoint an adviser on what its next move should be.
Dogged by shareholder drama
AL-FUTTAIM’S offer for Robinson may unleash another of the shareholder dramas that have recently dogged the beloved local retailer.
Shareholders have fought against Robinson falling into foreign hands. When the retailer put itself up for sale in 2003, it triggered a massive wave of protests from Robinson loyalists, most notably from 81-year-old Audrey Doyle who started a ‘Save Robinsons’ petition.

That sale was eventually shelved due to the lack of a suitable buyer.

Source : Straits Times - 21 Jan 2008

Singapore Property - Buy , Sell , Rent , Invest

Mindy Yong

(+65)91002985

mindy@mindyyong.com